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Re: Beekeeping Business Accounting

Rader, how many people file a tax form on their hobby? Do you?

This year I went from one hive to three and have yet to spend a dime this year on my hobby. It can be done and there are those who agreed with me. Read the whole thread again if your memory is failing you.

Mark there is nothing unfair about a person who gives a link that disproves his argument. However it is NTS. Do you feel the "That would be foolish" comment is in error?

Re: Beekeeping Business Accounting

It does not come into play on a lunch. You merely bought him lunch which again is not taxable to him and IS an expense to you.

On a 1099B, you barter $600 of honey for $600 of services........that's one example of needing the form.
I'm not going to give you all the rules for providing 1099's .......go to irs.gov and find them. But please stop posting like it's gospel on that which you know next to nothing about.......

Re: Beekeeping Business Accounting

What about my own meals while out working bees not on my own property? Is my own meal deductable? I know there is a meal allowance for overnight travel, but what about w/in driving distance of home base?

Re: Beekeeping Business Accounting

Originally Posted by VeggieGardener

And yes, that receipt for lunch that you would throw away really is a valid business expense that could be deducted.

I am sure it could but trading lunches for a days labor is not a discussion I want to take up with an agent. I don't know where the line is drawn but somewhere between a big operation and small operation trading lunches for labor will be a problem. I ain't going there.
Big brother has made it more difficult to claim expenses than what it use to be. Making sure all the i's are dotted and the t's are crossed isn't worth claiming a 5 dollar lunch which will only make a reduction in taxes about .80. Is the red tape worth 80 cents? Not to me.

What about my own meals while out working bees not on my own property?

Re: Beekeeping Business Accounting

Originally Posted by sqkcrk

What about my own meals while out working bees not on my own property? Is my own meal deductable? I know there is a meal allowance for overnight travel, but what about w/in driving distance of home base?

ps: snl, that would be Yogi Berra

Gotcha on Yogi.......was just messing around there. But the answer to your question is No. You are not away from your tax home substantially longer than a days work..........